VANCOUVER, British Columbia, Feb. 4, 2015 (GLOBE NEWSWIRE) -- By Financial Press
According to a new study by the Centers for Disease Control and Prevention (CDC), the cost of managing diabetes has doubled in the past 20 years.
In the last half decade major bio-tech companies have placed big bets on diabetes treatment include Merck – up 62%, Eli Lilly – up 110% and Novo Nordisk - up 220%. Much of this research has focussed on replacing blood sampling protocols.
M Pharmaceutical's (MQ-CSE) device, the 'e-Mosquito' - uses cutting edge micro-electromechanical systems to create a patch-like structure that can bite through the skin, extract a miniature blood sample, and analyze it instantly – reporting the results wirelessly to the patient or a 3rd party.
"The e-Mosquito penetrates the skin and takes a blood sample in a mosquito-like fashion, reaching the capillaries, but not the nerve endings," confirms MQ inventor and Director, Dr. Martin Mintchev, in an exclusive interview with Financial Press.
Dr. Mintchev is globally revered inventor who has authored more than 150 peer-reviewed biomedical publications and has 15 issued or pending patents, eight of which are licensed by major companies. Mintchev has an international reputation for harnessing scientific innovation to commercial applications.
"The medical scientific community has been chasing the holy grail of automated monitoring and treatment for diabetics," explains Mintchev, "They are trying to create a world in which diabetics can live exactly like non-diabetics and forget that they have the disease. But these radical new ideas have not gained traction in the marketplace."
Subcutaneous implantation, for instance, still requires calibration by finger pricking. Mintchev feels that being realistic is a better business strategy than being radical.
"Blood sampling is still the best way to monitor glucose levels," confirmed Mintchev, "So the challenge is to make a significant technological advance – accepting the premise that blood sampling is here to stay."
Currently, diabetics are required to prick their fingers multiple times a day, extracting a small blood sample, and then attaching a sensor to it that will measure the glucose level.
"The patient has to perform each action, typically in the corner of a room or a washroom," stated Mintchev, "It is an onerous burden, particularly for the elderly, the blind and children."
The e-Mosquito will replace a cumbersome invasive series of processes with an autonomous device that will do the work painlessly in the background.
Mintchev has received advanced degrees in electronics from Bulgaria, and he has a PhD in biomedical engineering from the University of Alberta. He is currently a professor of Biomedical Engineering at the University of Calgary and an Adjunct Professor of Experimental Surgery at the University of Alberta.
"With the Phase One of the Mosquito we'll be able to say, 'look wear this bracelet and it will silently and painlessly monitor your glucose level throughout the day,'" stated Mintchev, "The patient will maintain a glucose range without the logistical challenges of finger pricking. That will be a significant improvement in care for Type 1 and Type 2 diabetics."
Mintchev anticipates that Phase Two will employ the same bio-mechanical technology to administer insulin which is currently being developed. The vision behind Phase Two is to have the e-Mosquito be an out of body, fully functioning pancreas.
"That is my plan for the future," stated Mintchev, "In the morning the patient will put on two cuffs, one for monitoring and one for the administration of insulin. It would be minor inconvenience, delivering a higher level of medical care."
Mintchev anticipates that the e-Mosquito will be free and the device will be monetized through the sale of proprietary replaceable parts such as the daily mosquito needles and testing strips. He intends that the cost of each 'bite' (blood sample) should not exceed the cost of two conventional finger pricks.
"I do not want the Mosquito to be a luxury item," confirmed Mintchev, "I also do not want to promote the illusion that some magic diabetes management tool is around the corner that will be totally non-invasive. Billions of dollars have been spent trying to achieve that result, and it hasn't worked."
Globally, approximately 400 million people are afflicted by diabetes and of those 400M, roughly 10% are Type 1 and another 20% are type 2 insulin-dependant. M Pharmaceutical is targeting near to 100 million of the 400 million people afflicted worldwide. Unfortunately, diabetes seems to be a growing affliction at around 5-8% annually. It is now coming to light that a large portion of the populous suffering from diabetes are now located in developing markets. China alone has 92 million diabetics; while India's diabetic population is over 50 million.
With the advancement of Micro-Electro-Mechanical Systems (MEMS) it becomes possible to integrate all of the Mosquito's components into a cuff-based wearable device.
The Mosquito offers a convenient solution to all Type 1 diabetic patients who are required to perform blood glucose level testing and insulin-dependent Type 2 diabetic patients. Its three core benefits are: autonomous operation without patient involvement, no fingerpricking pain and inconvenience, and capability of third party monitoring, which could be particularly valuable for children, elderly and or the blind.
According to the World Health Organisation, diabetes causes five million deaths per year while costing $540 billion in annual health-related expenses, including treatment, medications and loss of productivity.
MQ has been listed for less than a week and is still flying under the radar of most brokers and retail investors.
The company is currently trading at .025 with a market cap of $2 million.
Legal Disclaimer/Disclosure: This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Financial Press makes no guarantee, representation or warranty and a fee has been paid for the production and distribution of this Report.